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strategic leadership that says that we need to get this engine and the economy pumping again. neil: do you think, and this is mentioned byitt romney a lot. you know that you are going to do things differently? dubai that? >> everybody talks about reducing taxes because they want more capital to grow their business. but it's also regulations. businesses are confronted at the township and city level. >> here in chicago, you need 161 licenses to open up the business. >> if you open up a job shop, you have to have a license to give them a bath. it's ridiculous. why can't we consolidate some of these things and reduce the bureaucracy? it isn't about the people collecting anything but a paycheck. neil: they must realize that the more they push this, the more it it endangers the economy and their very jobs are online. >> you would think so, when you? there is a lot of evidence that says those people inside the beltway are living in a bubble. washington dc is the only city in the ited states that has had taken continuous growthh >> what about when gas comes down? >> you have a gas situation where
to you saying, look, congress might not blow up the economy for no good reason. or if i do have to say it, i shouldn't sound excited about it. that should be a given. but in recent years, it has not been a given. and the reason it hasn't been is in some ways traceable to this guy. you know that guy. that is grover norquist. if you go by his name or his picture, he may not seem imposing. but in the republican party, he's a guy that breaks your knees if you vote for higher taxes. all republicans pretty much sign it and they are very, very, very loathed to break it. and that's made it impossible to reach a deficit reduction deal, until now. "the new york times" has an article in which republican after republican after republican goes on the record by name dismissing his pledge and his power. peter king says a pledge is good at the time you sign it. in 1941 i would have voted to declare war on japan. but each congress is a new congress and you can't have a rule that you're never going to raise or lower taxes. i don't want to rule anything out. senator of georgia said, i'm frankly not concerne
to destroy the economy. no one in their right mind is going to allow that kind of increase to devastate the economy. lou: that's a good point. it's interesting that no one is talking about the fact that individual tax payment, 26% of the bush tax cuts over the past two years, the answer here is this. i just want to see everybody be happy. let me turn to benghazi. there is a palpable sense in washington dc right now. i don't believe the congress has the strength or the tools to actually penetrate the veil of denial and secrecy and opaqueness that is this administration and what it has done. now, when you think this is? >> the attorney general has to do this. lou: can you really see eric holder doing that? saying that we will investigate ourselves? >> if he doesn't do an independent investigation, you have the very people who have floated the idea of prosecuting general petraeus, there are all kinds of things they might do to him. there is all kinds of pressure that can be brought about. lou: are you saying that you don't think, i was speaking earlier with. rinsing, you don't think it's a
to how this economy is. and how much we have created the entitlement mentality that everyone feels they should that they should be on food stamps. when you look at the costs, within about two years, texas at the federal level are going to go just to pay for entitlement programs that have no money left over to pay for all of the other programs of the government. and i find it very suspicious and interesting as you do that here we ha been talking about this for the last couple of weeks and nobody is talking about reforming these things. >> here is the thing. my idea is let them out there. you have a coupe of years to do damage control. ultimately, if everyone gets their head in the sand in washington, we haven't even talked about the interest on debt the debt that we owe. between that and how do we have an economy? how we grow an economy? that we provide for the kids? >> that's a great point. when i talked about the exploding cost of entitlement, there is something that is the expensive single program. it is hard to reform these programs with the democrats and unions. the unioion to
't heard before. could christmas actually be bad for the economy? d? on black friday, it doesn't matter, as long as we end up here at 5 a.m., or at homedepot.com, starting thursday. where prices have been cut, chopped, and sanded... on the most powerful tools that cut. ...chop... ...and sand. so we, or somebody on our list, can do the same. more saving. more doing. that's the power of the home depot. the early bird gets a special buy on a ryobi two-piece lithium-ion kit, just $99. >>> it's being called the thanksgiving creep. a record number of stores are getting a jump-start on the holiday shopping season by opening their doors tonight. nbc's kevin tibbles is live in chicago for us. he's getting ready to shop till he drops, always ready to do the deed for work. so, what you got there? how bad is it going to be out there today? >> alex, if you think i'm going to be in a mall today, you've got me confused with the other 83 million kevin tibbless who aren't in the phone book. but it is thanksgiving. happy thanksgiving to everyone. for those of you who do have that sort of deal bug, well,
there will also be a drag on the american economy if our budget deficit widens out forever, if we're irresponsible and governor doesn't work. left with those four choices, think think -- on the flip side, did republicans ask you to spend any nuts -- i think at this point both sides have acknowledged that there's going to be revenue concessions and entertainment concessions. in fact, if you listen to, it again, i'm not a master of the political art here, i'm in washington but i would say if you had these points of views in a business context, as close as they are, i would say a deal would be in reach. >> you see some fundamental level of optimism from lloyd blankfine but a long way to go with the combination of prief pressure and public pressure, like the president is going to exert before we actually go to the flight of fired. i asked the treasury secretary should the president return to wall street. he it must be someone who understands markets, marry. >> me have 33 days to -- head of all pi he told john harwood. marge i will hates have to go up somewhat. he said that's going to put a drag on the
to the financial system. >> steve, if only the market could focus on just the economy, which actually seems to be chugging along okay. if you look at durables, consumer confidence, the ongoing recovery and housing, it's the overhang of the cliff that's spooking everybody. >> yeah, we've had somewhat better numbers. the new home sales today, not great. maybe sandy affected even though the government said it wasn't. the economy's okay. it may be more of a 2% plus economy in the fourth quarter than is being given credit on the street. it's not gang busters. the question has been for a long time -- by the way, there's some headlines from the beige book. you can see it really did affect the northeast, new york, and new jersey especially. so we'll see some of that in the data in the months ahead. we'll be seeing some rebuilding going on. you know, i would not make a call here on the economy, scott, to say go ahead and invest in the economy. after the fiscal cliff everything is fine. i think there's a reason for cautious optimism, but i don't think there's a reason to think it's going to go gang b
are making the deal. >> how do we move our country forward? by creating jobs and growing our economy. not by cutting programs that families rely on most. we need senator mccaskill to continue to stand up for us. we need senators bennett and udall to stand up for us. we need senators warner and webb to continue to stand up for us by investing in job creation, extending the middle class tax cuts and protecting medicare and medicaid and education from cuts. because for working families, it's all about putting americans back to work. not cutting the things we rely on most. >> this is just one part of the campaign to strengthen and support the middle class in this country. on a conference call last week, president obama made a direct personal appeal to 30,000 of his top campaign activists. he says it's not time to let up. the president told supporters he will barnstorm across the country to keep people engaged in negotiations over the talks. the president's allies also plan on harnessing the power of the obama campaign including the dashboard, a social network built by the obama team. the
the fed chairman had to say this afternoon. listen to this. >>n a worst-case scenario where the economy goes off the broad fiscal cliff, the largest fiscal cliff, don't think the fed has the tools to offset that. gerri: don't look at me, can do anything if you can't avoid the fiscal cliff. what did you make of that? speak of the war is quite complicit dumb explicit. if the u.s. goes over the fiscal cliff, the jump in taxes woul likely quickly push the u.s. economy into a recession and there is nothing the fed cado to prevent that from happening. gei: it seems to have unloaded everytng they have, the economy has to come back on its own now. >> they can do with the bank of japan is now supposedly considering, resort to negative interest rate policy. consumerwould be charged to keep money in savings accounts. that is one way getting people to spend, i don't think that is likely to happen anytime soon. gerri: i think that is just crazy talk to lots of viewers. but it is reality. instead of getting paid for putting your money someplace, which is the way it normally happens, instead you have
to then quickly craft a legislative deal that can stop the damage to the economy that would occur if we went off the cliff and stayed off the cliff. john boehner recognizes that the fiscal cliff is the president's leverage, but boehner believes he has leverage, too. politico reported this morning president barack obama made a demand of how john baoehner nea the end of their first white house meeting on the fiscal cliff, raised the debt limit before year's end. boehner responded, quote, there is a price for everything. boehner told president obama at the white house that the debt limit increase is quote my leverage. although he added that he's flexible on when it should be done. senator durbin said today that raising the debt ceiling must be part of any deal with republicans. >> i also think that the president isn't going to sign off on any agreement that doesn't include some certainty as to budgets, appripriations, dealing with our debt ceiling. we're not going to find ourselves with some big party celebrate i celebrating in february and then turn around and march and have another doomsday scena
and strengthening our economy by investing in jobs, not cuts. as for the effectiveness of this campaign one conservative says this type of pressure from unions is nothing new. >> the fact that they are publicly saying what they have been privately saying helps the american people undetand where ama's in trend and comes from but nothing has changed. >> the issue i in the fiscal cliff discussion democrats appear willing to put entitlements and spending on the table. republicans saying they're willing to do tax revenue and that could be or would be the key to any agreement to avoid the fiscal cliff and get the country's books back in order. gerri: you will be covering this for a long time. thanks for that. this black frida wal-mart shoppers think protests, it is not a superstore workers on the picket line. jeff flock joins us with more. ff: a few of them but the majority were not wal-mart workers but members of other unions like the teamsters, the uaw, it was built today as a demonstration against the notion of working on thursday on thanksgiving. the day before black friday. but the protest w
business, like the economy is doing well. he has known boehner for years and believes the speaker wants to make a deal with president obama to avoid the fiscal cliff and impact on families but also seen washington's disfunction and has his doubts. >> somewhat just like the president, time to go ahead and do your job. >> reporter: speaker boehner is secure enough in his own district here north of cincinnati i-75 that his constituents will give him a freehand to negotiate. his bigger challenge is pulling together republicans from districts across the country behind any deal he ultimately strikes with president obama. the next four weeks that is the challenge john boehner, eric canter, and candidates on the house and senate are going to find. how do you put together a deal that not only the leaders agree upon but members of the caucuses can give majority to us in both houses? >> indeed, john, thank you very much. >>> meantime, some important economic data came out today and if you were looking at it expecting to see signs of worry about that looming fiscal cliff, you might be surprised. st
and certainly the largest threat to the u.s. economy. >> meredith whitney was talking back in 2010 about a then- looming financial crisis involving state and local governments across the country. it was a debt crisis which some people believe could derail the recovery and require another big bailout package that no one in washington wants to talk about. >> the day of reckoning has arrived. that's it. and it's gonna arrive everywhere. time may vary a little bit depending upon which state you're in, but it's coming. [ticking] >> welcome to 60 minutes on cnbc. i'm steve kroft. in this edition, we look at three stories linked by the financial collapse of 2008. first, we examine a scam that's cost thousands of americans their homes. then we look into wall street's shadow market of credit default swaps. finally, a report on the perilous state of state finances. we begin with the foreclosure crisis. in the aftermath of the great recession, the huge number of foreclosed properties was a significant factor in weighing down the economy. many were stuck on the market for an unexpected reason: the banks co
. we're entering a deflationary time and in the japanese economy which is evident to a lot of fundamentals we're seeing. and i think it will cause levels to drop further. >> they could actually just do old fashioned money printing. just put more bank notes and -- instead of buying government debt, they could do it the old fashioned way. >> that is definitely an option. i think they'll be trying every resource possible. i think there is just no demand for credit. you can flood the market, but who is there to demand it. >> so the yen strength is overdone. what does that mean for some of the other cost rates looking at euro-dollar now firmly in this range. is that in place for a while? >> i think we've seen a lot of range shading at the moment even in terms of the election, we see no reaction in euro-dollar. i do think we'll remain range trading right up up until the end of this quarter. the omt policy is really underpinned euro u.s. and created a floor under this currency. >> okay. good to see you. thanks for that. the financial services authority has hit ubs with a 27.9 mill
that are behind these numbers are relate primarily to the economy and as we all know the economy is still sluggish but there is improvement. >> aaa estimates that 40% of travelers left the day before thanksgiving and 36% returning today and 25% tomorrow. it could be a long journey home. this is what it looked like on the 405 on los angeles on the big get away day with traffic backed up for miles. and on thanksgiving morning as drivers headed out on i-10 east in beamont, texas. a husband and wife were killed and 100 injured and the trail of wreckage stretched for two miles. forecasters say more fog and snow in parts of the midwest and northeast could make it trougher getti tougher getting home after a long holiday weekend. >> reporter: again, as this afternoon goes on, we're going to see the traffic build on this road. about a 10% drop, alex, than they spent last year. >> michelle franzen there. here's a big question. will the weather cooperate for travelers out there? here with the travel forecast to answer that for us is dylan. >> most areas will cooperate. you're just dealing with the traffic as
is getting his economy back on track and to do that he needs the help of the international community and the united states. so he's got to carefully try to balance these two issues. i think he recognizes that a conflict along, you know, egypt's border with israel is not in egypt's interest any more than it's in israel's interests. so -- but these are people who have long been in opposition and they're having to learn to balance these political calculations as they go forward. >> right. and there's no rest after election day when you're the active president. p.j. will stay with us as we turn to another discussion right on point with president obama's foreign policy team. many republicans are attacking ambassador susan rice, a top candidate to replace secretary of state clinton. the senate has spiked some key nominations from president obama before, from elizabeth warren to nobel peace prize winner peter diamond. there is one number that suggests obama is likely to win this battle. we will look at the math after the break on "now." so you say men are superior drivers? yeah. then how'd
cure the economy. the senior editor of "the atlantic" joins us live in the next half hour. he has an interesting perspective. >>> ambassador susan rice heads to capitol hill this morning to mend fences with three republican senators. john mccain, lindsey graham and kelly a at with her information comments made on several networks that played down the role of terrorists in the attack on the u.s. consulate in benghazi, libya, that killed four americans including ambassador chris stevens. rice maintains she made it clear the intelligence information she had at the time was preliminary. senators have threatened to block her nomination if president obama chooses her to be his next secretary of state. >>> and the obama administration responds to the benghazi attack does not get high marks from americans. the results of a new poll out this morning shows a majority of those questioned, 54%, say they are dissatisfied with the administration's handling of the attack. >>> and the body of yasser arafat was exhumed this morning from a mausoleum in the west bank. a team of international scienti
strategy pay off for retailers? will concerns about the sluggish economy and the fiscal cliff keep consumers home? all questions we seek answers to. >> let's get some answers. cnbc contributor stacy liblet at queens center mall here in new york city. we also have liz dunn of mcquarry capital on the west coast in san francisco. great to have you all with us. laura, why don't i get to you first of all. what are you seeing out there on the floor of the malls? >> so traffic's slowing a little bit which is normal for the afternoon. i think that most of the traffic -- most of the big buys were for electronics and toys. those happened last night. they may be happening online more and more. but the mall's bit slow, we think, relative to a year ago. >> do you think people came in earlier with all of these earlier openings that we've been hearing about? do you feel maybe that's just drifted off a little bit as everyone's now done their shopping and gone loam to bed? >> i'm pretty sure that that is what has happened here. you don't normally see -- this is an urban mall in queens. i would not
the modern economy, you'll hear something like the following phrase. well, the last 30 years of the american political economy has been very good for consumers, but bad for workers. well, it's not like there's two parts of me. it's just the same person who is doing both of those things. the question is in total, are you better off. and jennifer is someone who runs a small business and is in the world of retail. i want to hear what your thoughts on all of this right after we take this quick break. >>> that's the video of the walmart in georgia on black friday that we were debating whether we wanted to show. so we thought -- >> we say voyeurism -- >> well, no, we said we're only going to show it if we unpack a little bit rather than just kind of throw it out and look at those crazy people. jessica, not jennifer. we're 14 minutes into the show, i got one person who wasn't arrested saying was arrested. what was your take away from the walmart action? >> i honestly think it's inspiring. we were talking about this a moment ago. i think like the occupy movement, even if it's a sort of a symbolic mo
serious consequences for the entire economy. a lot of details here and they are coming up inside fox report. well, just hours remain in what is expected to be the biggest online shopping day ever. the research firm core score predicts americans will spend $1.5 billion online today alone this cyber monday. that's up 20% from last year. the national retail federation reports the average holiday shopper spent $423 this weekend in stores and online. total spending an estimated $59 billion. cheryl casone live from the fox business network with us tonight. cheryl, that's a big shot in the army for the economy. isn't it? >> it certainly is, shepard. we are seeing an allot of interest in online shopping today. initial numbers into fox business about how many people are out there spending this, today cyber monday. this is going to be already the biggest cyber monday ever when it comes to sales or revenues for the nation's he biggest retailers. number one amazon.com. number two wal-mart. 122 million people shopping today on web sites with the estimate looks like at this point we are going to b
common. some people have their first priority is a life issue. they say doesn't matter the economy if you don't ever have life -- >> why should a choice person vote for the continuation of this republican platform which says from the moment of conception that unborn child or fetus is a citizen with rights of property, life and liberty? >> there are plenty of people that are pro-choice republicans that are out there just like there are plenty of pro-life democrats out there because they're going to pick their own preferences. i would disagree this party is demographically falling apart when 49%, 51% election just occurred. you look at the house of representatives and you have this lrge percentage of republicans there. we still are a very divided nation. >> it's going to be about 47% and most americans voted in the house races, most americans did vote for democrats because of gerrymandering your party got a big majority but that's because of gerrymandering. >> it's because the democrats waste a lot of votes in big city democratic districts. 9d 9% of the vote. >> i want to say something very
of congress -- >> -- women. >> yes. that's ironically what our economy will look like in worker bees and retirement bees. >> now and -- >> you're playing defense here tonight. don't join us as a commentary. what's the story about your party. i see it -- i get increasingly aware, as you watch this show develop over the last 18 years in different forms, i get increasingly aware there's all white people at the table. a sunday show, for example, you get a sense, there's something wrong with this picture. do republicans have that sensitivity? talmage is -- >> she mentioned rogers, the number four people -- >> what do they do? >> they hold conferences every week. they run the retreats. >> run the retreats? >> john boehner -- >> you're getting in deeper and deeper. >> they run the caucus meetings every week. she runs the caucus, decides which speakers come in. vice chair of the caucus, lynn jenkins, virginia fox -- >> what's a more important position, chairman and vice chairman of the caucus or speaker of the house -- >> or committee chair. >> any of the committees. >> caucus chairman trump
that central bankers can't rescue the u.s. economy if it goes over the fiscal cliff. paul is president of financial capital. given that we're talking about this so much with these guys not around, all we do is we keep showing how much time we have as it's ticking down. when they do get back, paul, how do you think that the deal looks if they do put one together, and do they get it done? >> good morning, and happy thanksgiving to y'all. we all know it's getting done, whether it gets done before christmas or in january, a deal's going to get done. i think also everyone knows taxes are unfortunately -- taxes are going to go up. i don't know it's going to be at the 250 level. maybe at the 500 or million-dollar level. but taxes are going to go up and expenses are going to get cut. so we all wish they would stop the jawboning and positioning and politicking, sit in a room with dulls, both give in a little bit and move on. but they're going to push and push and push and the markets will push a deal to get it done. >> so if you were trying to decide what to do, would you just stand pat with eq
have something really worked out because look at what the economy -- look at where consumer sentiment is over the last couple months. i don't think they can really, you know, run the risk of that falling back. we made so much improvement over the last couple months. at least macroeconomicly, they can't run the risk of this thing going over. >> what does it mean for the stock market and how many different things are affecting it right now? i figure not knowing where tax policy is next year, some people know it will be hire, so they're probably just going to sell into december 31st. and then you've got continuing problems in europe, as well, morgan stanley has a report out about possible recession in 2013. what are the factors that influence the market at 13,000 and do you think it's a good time to ad money or take money out? >> short term, i think the feeling is that things are going to work out. so we'll be in this range here of in the s&ps 1390, 1420. i think if we break 1390, we get down to that next 1360 level will, again, there is so much money on the sidelines waiting to do somet
as the eu and imf agree on terms of debt sustainability. where does it leave the greek economy which has already shrunk by nearly a fifth? >>> and warren buffett on tv this morning saying he wouldn't sell a single share of stock even if he was guaranteed the u.s. goes off the fiscal cliff. just wait until you hear who he thinks should be the treasury secretary. >> we'll begin of course with the deal of the day. conagra foods has agreed to acquire ralcorp for $5 billion. $90 a share in cash. 28% premium to the closing price on monday. kayla tausche reported on potential for a deal between the two companies back in 2011. it creates the largest private label food company in north america. this is a big deal. >> yes, it is. it's big in size in terms of what we've seen in this market. look how excited he is. and they finally got it done. it's been one as you pointed out that was around in 2011. they couldn't get it done. that is conagra. they walked away. ralcorp stock price fell dramatically. they split the post cereal division from ralcorp. the two trade separately. so you did have a compan
as expected, maybe management isn't executing. maybe economy takes a turn for the worse and suddenly your stock belongs to a sector that is out of favor. don't get sentimental. you got to sell. take a small loss and give a broken company a second chance to burn you and then take a much larger loss. lots of people hang on to the losers, often because they're waiting for them to get back to even selling. it's the worst kind of amateur mistake. but even then, these people know their losers deserve to be sold, they want to sell, they're just waiting too long for an unrealistic price that is too high given the downturn with the actual company. selling your losers seems to make perfect sense. selling your winners, though, that's totally counterintuitive for many of you. have to at least trim your biggest gainers. the first reason is simple, diversification. when you let your winners ride, your position can get too big. let's say you own a stock that doubled and doubled and doubled. maybe you bought apple that traded around 200. it represented 15%, it's now a much bigger piece of the pie, even i
on in the distribution of the economy and china, conditions in russia. there are a number of problems anew environment. we have not developed a coherent approach because in the first term you learn your job. that is the challenge that the administration is facing. >> people look to the united states for leadership. they look to us because we have for so long been in a position where we've been able because of our resources and military strength, because of our values, we've been able to keep the peace. we have been able to make sure that enemies feared us and make sure allies could count on us. with we step back as we did during president obama's first term and i'm afraid we're going to do the next term ease back and you see when there a vacuum. people that don't share our interests diving into that vacuum. >> i traveled all over the middle east. every leader i talked to believe the united states is weak in leaving. they are having to accommodate to that eventuality. whether it be the saudis or you name the country they are accommodating to american weakness and withdrawal. that means that they accomm
for the economy and hurt jobs. our first team points out it seems like the parties are ready to agree to a large point for taxes on the wealthy. the down side is the two sides can not agree on how to raise the taxes on the wealthiest lois. >> i think you've hit the nail on the head. first of all, i don't think they care about throwing groesher norquist under the bus. i don't think the pledge is great de. they can't be on the side of raising taxes for the wealthy. the obama cam paper and now the obama white house has framed this in such a way that all these politicians who had been dug in before are saying, hmm. you know, we've got to do something here because how can you come out and say, no, no, no, let's not tax the rich. the question is as you say how do they get there, and think what they're going to try to do is come up with a lot of different caveats to have people save face so that some of these people from the very red states they say, well, okay, we're going to protect small businesses, we'll take them out of it. we're going to protect this person and that person. so as long as anybody
't know, feeling better and so much of this is about how we feel about the economy. >> oh, yeah. that's right. investors may not like it, but consumers love it. their confidence, the highest level in many, many months. still below 90, which is really the point at which you see a really strong and robust economy. but the fact that consumer confidence has been doing so much better, it's very important. now, here is possibly a source of their optimism. 20% of consumers expect more jobs in the next six months and that would be a cause for much optimism. >> shepard: yes, it would. the fears about europe's debt crisis clearly eased a bit 'cause there is another deal to provide aid to greece. >> more money for greece, $57 billion. it took three weeks to come to this conclusion for european and global leaders to say hey, we'll give you the money. it will come in four installments and if they didn't get this, they would be in bankruptcy. as you know, that would be bad for the entire e.u. that country, greece, has an unemployment rate of 25%. 25. >> shepard: big number. >> it's a very big numbe
. i am glad that the people that are in economy party on capitol hill have hearts as big as a montana sky because i'm sure they said, hey, it's cool. we all make mistakes. all of us on capitol hill, we all make mistakes from time to time and it's cool. so how did this work out after she said she was sorry? >> there's still another chance. ambassador susan rice is heading back to capitol hill today. >> i want to know what happened. >> well, i will tell you. she continued to defend her response on september 11th attack on the u.s. consulate in benghazi as a top pick to replace secretary of state hillary clinton. rice faces sort of an uphill battle because she failed to win over her harshest republican critics yesterday. >> i don't think it's an uphill battle. >> unless you want to be secretary of state for greenvil greenville, south carolina or mesa -- >> she requested this meeting was with specifically senators lindsey graham, kelly ayotte and -- >> they were upset. john mccain over the weekend. >> john mccain backed up. >> so it's really cool when she said i'm sorry. >> she did the br
on the economy. take pbh. host of other brands you know. back on october 31st, we learned that pbh was acquiring a brand th for $2.9 billion. you have the house of chatral together. deals have always been perfect. pbh reported after the bell today and the results were very strong. the company reported strong earnings let's check in with the fabulous chairman and ceo find out more about the quarter. good to see you. all right this was a very interesting thing this quarter. you had already told people that you thought you could beat the number. you had four cents more than anybody thought. was it the strength of the consumer here. is it how much better europe is for you? >> what is the make up of that last bit? >> margins were better. we were being on the gross margin line. better with taxes and overall, this quarter given the warnico acquisition we were forced more or less to come out and give guidance and we took it up. so it was a strong quarter for us. one of the things, and i know it is not as important, but your heritage brand, 3% increase, this is a major change, it is in the middle of a tr
around. >> okay. >> what else do we have in news? >> we have the economy. we'll begin there now at 4 past the hour. >> we're going to keep reading the post. go ahead. >> the markets look to rebound after stocks finished relatively flat yesterday following a new warning from the central bank about the fiscal cliff. speaking to the economic club of new york, fed chair ben bernanke urged lawmakers to reach a deal to avoid the automatic spending cuts and tax increases. he said going over the fiscal cliff would pose a substantial risk to the economy. according to a new study the fiscal cliff could give 90% of americans new tax bills when the bush tax rates and some by president obama would both end. the working poor would be among the hardest hit. a tax policy center analysis showed a married couple making about $30,000 a year would on average go from receiving a $15 tax credit to owing $1400. >> wow. >> yeah. that's probably a reason to try and get something done? >> maybe we will. maybe we will. >> you would think. >> yeah. or maybe we can just talk about 2016. >> we could do that as well. h
's thanksgiving pallad. we will show share how it happened. >> steve: want to see where our economy is going. look back to 1937 and franklin roosevelt and stewart varney will explain how history could repeat himself as he enters studio e. good morning to you, stewart. ♪ ♪ ♪ and feel like a green giant. ♪ ho ho ho ♪ green giant with thermacare heatwraps. thermacare works differently. it's the only wrap with patented heat cells that penetrate deep to relax, soothe, and unlock tight muscles. for up to 16 hours of relief, try thermacare. now we need a little bit more... [ male announcer ] at humana, we understand the value of quality time and personal attention. which is why we are proud to partner with health care professionals who understand the difference that quality time with our members can make... that's a very nice cake! ohh! [ giggles ] [ male announcer ] humana thanks the physicians, nurses, hospitals, pharmacists and other health professionals who helped us achieve the highest average star rating among national medicare companies... and become the first and only national medicare
national debt already exceeds the size of our country's entire economy. we can't afford pinpoint and we can't afford to leave it intact. that's why i've been clear that the law has to stay on the table, as both parties discuss ways to solve our nation's massive debt challenge." mr. boehner, this is not what the election was all about. john boehner, if he is serious, will have to find out, but he certainly isn't very smart. the congressional budget office estimates, they show that the affordable care act will actually reduce the deficit. it doesn't make a lot of sense to get rid of a deficit reduction program, as part of a deficit reduction deal. the white house already rejected boehner's idea. obama care will not be part of debt negotiations. boehner is up to something here, don't you think? something else, that is. if you watch john boehner closely over the last two weeks, you can see him laying the ground work for the latest ploy. he called obama care the law of the land, but also tried to link it to obama care and the budget. >> you had said, next year, that you would repeal the health c
us a lot about the state of the consumer and the u.s. economy today. so we're turning to one of the most seasoned and respected voices on wall street for help. we have dana telsey. she is our guest host for the next three hours. andrew, i'll send it over to you. >> we begin with a visit to toyland and here is toys r us. it opened its doors at 8:00 last night. and we have toys r us ceo joining us right now from the company's flagship store in times square. good morning. >> good morning. >> so i read a report you you had a big line. what's it been like all evening? >> it's been great. we did have a big line. we're at 44th and broadway.line went all the the way to 45th street and then down 45th all the way to 6th avenue. it was huge. people came in in a real celebratory mood. people ate ice cream, relaxed with their kids. i've never seen a black friday like this before, but 8:00 hour worked really well for families. >> let's talk about sales. how did it go overnight? >> we're just starting. this is 5:00 a.m. on black friday morning. we're really just starting. we have about a b.
of the real economy and allow the government to grow and grow. that's always a bad idea. that's not a good idea some years and a bad idea others. leeches, doctors don't put leeches on people ever, it's wrong. don't do it. it doesn't make people stronger. raising taxes, taking money out of the economy, damages the economy, kills jobs, reduces opportunities. >> you know, the latest cnn polls that just came out this week say you're wrong. two of three americans, including a majority of republicans, say the fiscal cliff should be addressed with a mix, a mix of spending cuts, yes, but also tax increases and if there's no deal according to these polls, they're going to blame republicans more than they blame the president. all the best evidence right now suggests the public wants to see the republicans compromise on this tax question. so from a political standpoint, is it okay for lawmakers to ignore the pledge that they gave earlier? >> well, the challenge is that the pledge that they made and that every two years comes up again in campaigns, this is not an ancient pledge, these are pledges that
of your personal economy. this is going to be helpful. call or come in today. fidelity investments. turn here. [ male announcer ] a european-inspired suspension, but it's not from germany. ♪ a powerful, fuel-efficient engine, but it's not from japan. ♪ it's a car like no other... from a place like nother. introducing the all-w 2013hevrolet malibu, our greatest malibu ever. ♪ monarch of marketing analysis. with the ability to improve roi through seo all by cob. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. i'm going b-i-g. [ male announcer ] good choice business pro. good choice. go national. go like a pro. >>> there are signs of the truce between israel and hamas is holding this weekend. palestinian sources say israel has eased restrictions on gazan fishermen, allowing them to go up to six miles from shore. the fishermen had been restricted from going more than about three miles into the mediterranean. also palestinian farmers have resumed tending their la
gravy and 320 calories. marie callender's. it's time to savor. not in this economy. we also have zero free time, and my dad moving in. so we went to fidelity. we looked at our family's goals and some ways to help us get there. they helped me fix my economy, the one in my house. now they're managing my investments for me. and with fidelity, getting back on track was easier than i thought. call or come in today to take control of your personal economy. get one-on-one help from america's retirement leader. >> welcome back. attorney general eric older in the hot seat this time for the handling of the david petraeus affair and the decision not to inform the president about this until after the election. >> we conducted the investigation and we made the determination as we were going through the matter that there was not a threat to national security. had we made the determination that a threat to national security existed we would have made that known to the president and appropriate members on the hill. but was the president really kept in the dark about a potential national security risk
, the focus turns back to the u.s. economy now the fiscal cliff talks are looking more promising and the election is behind us. new reports this week on the housing market, manufacturing sector and consumer data. also the second estimate for third quarter gdp comes out on thursday. the broadest gauge of the health of the economy and economists think that number is going to show better growth than we saw, 2.8% down from 2.2% that they had thought earlier. the fiscal cliff being, you know, something that really helped the stock market last week. >> i would imagine. >> don't screw up. >> please, congress, don't mess this up. let's take a live look this morning at the capitol dome where congress is back to work this week. s fiscal cliff staring them in the face. 35 days, we go right over that cliff or right down that slide or whatever the metaphor is we're using today. politicians on both sides of the aisle are now signaling that they're willing to compromise. that includes republicans who've been softening their stance on raising taxes. senator dick durbin, democrat from illinois, w
. the organization for economic cooperation and development cut its forecast for the u.s. economy for this year and next year, and on fiscal cliff negotiations, the oecd said, quote, diseaecisive policy actis needed to ensure that stalemates over fiscal policy in the united states and continuing euro area instability do not plunge the world back into recession. plunge back into recession the whole world, a very bad, bad idea. >> a lot of menacing terms there. fiscal cliff a menacing term here. now we know we are just under 35 days away before we fall off that cliff. which could lead to deep spending cuts. want to bring in republican senator pat toomey from pennsylvania. he was a member of the deficit reduction super committee last year that failed to agree on a plan. but he's been talking about this issue for a long, long time. good morning, senator. >> good morning. >> we just learned that president obama will be traveling to your backyard on friday to talk about the fiscal cliff and spending, and traveling to pennsylvania right now. is this a welcome visit as far as you're earned? >> as far a
and the health of the u.s. economy. >> and all that trouble in washington started last year with the debt ceiling. remember that fight? the u.s. getting very close to hitting the debt ceiling again. what's the debt ceiling? the u.s. spends between $100 to $120 billion more than it takes in every month, so it has to boor remoney to pay its bills. it will take an act of congress to legally borrow more and rack up more debt. the debt ceiling is set at $16 trillion, 394 billion. last week it stood at $16,268,000,000,000. it could hit a high by february of next year. and now home prices, the recovery in much of the country, new home sales numbers today, we learned yesterday that home prices were up nationwide by 3.6% in the third quarter. that's the biggest rise nationwide in more than two years. but look, all real estate is local. we want to show you the cities with the strongest gains in the past year. home prices in phoenix gained more than 20%. minneapolis home prices rose 9%. there are only two big cities with homes losing value. new york and chicago. they slipped a little bit year over year. wha
to wreck the economy. and i think there are a lot of republicans that are saying what a few of us were saying after the election. bill kristol said it. so tell me again, why are we fighting and risking our majorities, protecting billionaires that are hedge fund guys who are paying 14% tax rates? >> walk two blocks from this street, fifth avenue between this building and 57th street, and the storefronts on fifth avenue. anybody who can go into those storefronts and purchase things in those storefronts are not going to be damaged by these tax reforms that we've been talking about. they're not going to be damaged. >> by the way, the storefronts aren't going to be damaged by raising capital gains rates from 15% to 20%. i want everybody to be rich. i'm a capitalist. i want everybody to make $250,000. barack obama says that's rich. whatever. i want everybody -- i love people being successful in this country, but again, if you're making billions of dollars, again, there's something immoral, mika, about these people paying 14%, 15%, 16% on their taxes because the tax rates are the way they are
that 15% to 20% of all goods in china are counterfeit. >> and these days, the way china's economy is booming, 15% to 20% means tens of billions of dollars. evidence of the counterfeiting trade can be seen at this hong kong warehouse where counterfeit watches, shoes, computer chips, all copied in china, and seized in hong kong, are tossed onto a conveyor belt, and consigned to the dust bin of history. but it's like stopping the rain, the seizure may look impressive, but every day, 6,000 shipping containers leave hong kong's harbor for the u.s. packed with products made in china, and only a small fraction of those containers are ever inspected. >> this is the most profitable criminal venture, as far as i know, on earth. >> counterfeiting. >> counterfeiting. and your partners don't kill you. >> attorney harley lewin has been chasing counterfeiters from china for more than twenty years. and china's now the undisputed capital of the counterfeit. >> 80% or more worldwide. >> can you give me an example of any american or european product that's manufactured here without being counterfeit
? >> yeah. probably not the best thing for the economy but if you look at the workers they have valid complaints against walmart. i'm not a big fan of walmart in the way they have treated their employees. i really don't understand how the national labor relations board have a right to tell people they can't picket. you as a libertarian would be offended by that. >> i don't think governments should have anything to do with unions and vice versa? >> they have retaliation of people that have brought up issues having regular work schedules. >> how many people are being forced to work at walmart? i've had a job before and i've been fired. you don't have to work somewhere if you don't like it? >> they are allowed to protest. it's like a hospital. somebody can't buy their snuggie. >> people want to quit if they don't like it. not about walmar. this is about the labor unions trying to tap in, the democratic party trying to tap in one of the great untapped sources of wealth which is walmart employees? >> absolutely. remember. walmart has been a target of the left for so many years right now. t
to an increased sense of caution in financial markets with adverse effects on the economy. continuing to push off difficult policy choices will only prolong and intensify these uncertainties. >> he went on to say, if we do get a plan that solves the government budget issues without hurting the economic rovery, next year could be a good one. that is so many if it. >>> the investigation of the shooting at the sikh temple is concluded. the shooter, michael page, acted alone and did not have help. he had been linked to white supremacist groups, but the fbi found no evidence to conclude he had help or was acting under any directive from them. they also said the attack was not part of any ongoing threat to the sikh community. >>> defense secretary leon panetta talked about how the american fight against al qaeda is changing. he said that, yes, the united states has had a lot of success, but al qaeda has been adapting and trying to find new safe havens and to combat this, panetta says new campaigns will take place outside declared combat zones using a small footprint approach. he went on to say america
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